Global Betting Market accounted for US$ 141.23 billion in 2020 and is estimated to be US$ 330.342 billion by 2030 and is anticipated to register a CAGR of 8.90%. Betting markets (also known as prediction markets, information markets, decision markets, concept futures, or event derivatives) are exchange-traded markets designed to trade event outcomes. Market pricing can reveal what the general public believes the probability of an event is. A prediction market contract trades in the range of 0% to 100%. It’s a binary option with a price of 0 or 100% when it expires. Prediction markets are part of the broader notion of crowdsourcing, which is specifically designed to collect information on specific areas of interest. The primary goal of prediction markets is to elicit collective ideas about an uncertain future result. Traders with varying beliefs trade on contracts whose payoffs are linked to an uncertain future result, and the aggregated belief is determined by the market values of the contracts. The betting market is very similar to the stock market. Sports betting is a type of gambling that entails placing a wager on the outcome of a certain event. Betting is based on one of two possible outcomes: win or lose. In recent years, consumers have been able to wager on a variety of events from the comfort of their own homes or while travelling. Further elements, such as e sports, are likely to boost the global betting sector.
Analyst View & COVID-19 Impact on Betting Market:
With the advent of the COVID-19 epidemic, internet sports betting is gaining popularity around the world. According to reports, the legalization of sports betting activities in the United States is expected to increase their popularity in the coming years. For the record, the United States Supreme Court overturned PASPA (Professional and Amateur Sports Protection Act) of 1992 in May 2018 by introducing the tenth amendment, which had limited sports betting to only a few states for the previous two decades. Furthermore, by 2018, nearly seven states had legalized sports betting as a result of this legislation. Previously, only Montana, Oregon, Nevada, and Delaware were allowed to provide sports betting due to the statute. According to reports, roughly eight states have legalized sports betting in 2019, with more likely to do so in the years ahead. Sports betting is one of the few significant development areas for online gambling and betting, and it will continue to grow rapidly in the next years. As smartphone penetration rises around the world, demand for online sports betting activities will rise, driving industry trends. With gambling and betting laws in Asia beginning to alter, the market for sports betting in the region is expected to grow in the near future. However, stringent government regulations and restrictions, scandals and illegal practices in betting is expected to hamper the target market growth over the forecast period. Nevertheless, decrease in the risks related to betting is anticipated to create lucrative growth opportunities for the target market over the forecast period.
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Key Highlights of Betting Market:
•In October 2021, PlayUp was given full operating authorization by the New Jersey Division of Gaming Enforcement this week, adding the largest sports betting market in the US to the company’s growing list of jurisdictions.
• The Netherlands launched its regulated online gambling sector in October 2021, allowing residents to place legal sports bets and play casino games via the internet.
Key Market Insights from the report:
The Global Betting Market accounted for US$ 141.23 billion in 2020 and is estimated to be US$ 330.342 billion by 2030 and is anticipated to register a CAGR of 8.90%. Global Betting Market has been segmented into on the basis of type, application, and region.
Competitive Landscape & their strategies of Contactless Payment Market:
Key players operating in the global betting market include Ladbrokes Coral Group PLC., GVC Holdings PLC, Playtech PLC, Fortuna Entertainment Group, 888 Holdings PLC, Paddy Power Betfair PLC, Maya Inc., Kindred PLC., William Hill PLC, and Full Tilt Poker. Prominent players operating in the target market are focusing on the strategic partnerships as well as launching of the products in order to gain competitive edge in the target market.
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Global Betting Market, By Type:
Global Betting Market, By Application:
- Sports Lottery
- Welfare Lottery
The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.
Some Important Points Answered in this Market Report Are Given Below:
- Explains an overview of the product portfolio, including product development, planning, and positioning
- Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
- Detailed analysis of the market revenue over the forecasted period.
- Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
- Study on the segments that are anticipated to dominate the market.
- Study on the regional analysis that is expected to register the highest growth over the forecast period
Global Casinos & Gaming Market, By Casino Type (Commercial, Tribal, Limited Stakes, and I-Gaming), By End Users (Gambling Enthusiasts, Social Exuberant, Dabblers, Lottery Loyalists, and Unengaged Audience), and By Game Type (Poker, Blackjack, Slot Machines, Paulette, Craps, and Others), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) – Trends, Analysis and Forecast till 2030
Africa Lottery Software Market, By Type (On-Premise and Cloud Based), By Application (Personal Use and Enterprise) – Trends, Analysis and Forecast till 2030
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- DR Impact Analysis
- PEST Analysis
- Porter’s Five Forces Analysis
- Opportunity Orbit
- Market Investment Feasibility Index
- Macroeconomic Factor Analysis
- Market Estimation
- Top-Down Approach
- Bottom-Up Approach
- Market Breakdown and Data Triangulation
- Research Assumptions
- Market Opportunities
- Market Trends
- Approach for estimating Market Share by Top-Down Analysis (Supply Side)
- Approach for estimating market share by Bottom-up Analysis (Demand Side)
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